PFG

Peregrine Financial Group Inc.’s Chapter 7 trustee won court approval to create three classes of firm commodity customers, a ruling that he said may lead to full repayment for one class of account holders.

Futures brokerages say a proposed U.S. rule meant to protect customers’ money in a collapse like MF Global Holdings Ltd.’s bankruptcy may end up driving clients from the market and companies out of business.

Recently I received a call from a reader who wanted my opinion on whether it was better to use a large broker, say a Merrill Lynch, over a specialized futures broker, considering what happened to Peregrine Financial Group.

Peregrine Financial Group Trustee Ira Bodenstein asked for more time to wrap-up liquidation of the failed futures broker and the Tokyo Stock Exchange and Osaka Securities Exchange completed their merger.

Farmers, ranchers and agricultural cooperatives planning to file claims with the CME Group’s Family Farmer and Rancher Protection Fund in the wake of the PFG bankruptcy must do so by 5:00 PM CST on Oct. 5